Keith Haines Limited - Period Ending 2018-10-31

Keith Haines Limited - Period Ending 2018-10-31

KEITH HAINES LIMITED - Company Information

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Company registration number: 02916366

Keith Haines Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2018

 

Keith Haines Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 4

 

Keith Haines Limited

(Registration number: 02916366)
Balance Sheet as at 31 October 2018

Note

2018
 £

2017
 £

Fixed assets

  

Investment property

4

70,000

70,000

Current assets

  

Debtors

5

888,678

859,223

Cash at bank and in hand

  

49,037

75,125

 

937,715

934,348

Creditors: Amounts falling due within one year

6

(3,513)

(4,576)

Net current assets

 

934,202

929,772

Net assets

 

1,004,202

999,772

Capital and reserves

  

Called up share capital

150,000

150,000

Share premium reserve

841,881

841,881

Fair value reserve

  

(34,378)

(31,918)

Profit and loss reserve

46,699

39,809

Total equity

  

1,004,202

999,772

For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

•

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 4 August 2019 .
 


Mr K Haines
Director

   

Page 1

 

Keith Haines Limited

Notes to the Financial Statements
for the Year Ended 31 October 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by internal valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 2

 

Keith Haines Limited

Notes to the Financial Statements
for the Year Ended 31 October 2018

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2017 - 1).

The company is run and administered by the director of the company for whom no formal contract of service is in place.

 

4

Investment properties

2018
 £

At 1 November 2017

70,000

Additions

2,460

Fair value adjustments

(2,460)

At 31 October 2018

70,000

The investment properties class of fixed assets were adjusted on 31 October 2018 to fair value by the director who is internal to the company. The basis of this valuation was open market value.
The class of asset has a current value of £70,000 (2017 - £70,000) and a carrying amount of historical cost of £104,379 (2017 - £101,918). The depreciation on this historical cost is nil (2017 - nil).

There has been no valuation of investment property by an independent valuer.

5

Debtors

2018
 £

2017
 £

Trade debtors

-

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

888,678

759,223

Other debtors

-

100,000

Total current trade and other debtors

888,678

859,223

Page 3

 

Keith Haines Limited

Notes to the Financial Statements
for the Year Ended 31 October 2018

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

1,013

1,013

Other creditors

2,500

3,563

3,513

4,576

7

Reserves reconciliation

Fair value reserve
£

At 1 November 2017

(31,918)

Movement in year :

Transfer of fair value adjustment from profit & loss

(2,460)

At 31 October 2018

(34,378)

Fair value reserve
£

Movement in year :

Transfer of deferred tax on fair value adjustments

(31,918)

At 31 October 2017

(31,918)

Page 4